FINRA Fines 5 ING Units $1.2 Million For Violations

Wall Street's industry-funded watchdog
fined five affiliates of ING Groep NV a total of $1.2
million for not storing or reviewing millions of company emails,
according to an announcement on Tuesday.

Feb 19 Wall Street's industry-funded watchdog
fined five affiliates of ING Groep NV a total of $1.2
million for not storing or reviewing millions of company emails,
according to an announcement on Tuesday.

The Financial Industry Regulatory Authority found that the
firms did not properly configure hundreds of employee email
accounts to ensure that the messages sent to and from them were
stored and reviewed at various times between 2004 and 2012, the
regulator said.

Securities industry rules require brokerages to store and
review emails for a certain period to ensure compliance with
procedures and prevent potential wrongdoing.

ING, which agreed to the fine in a settlement with FINRA,
neither admitted nor denied the allegations but consented to the
entry of the regulator's findings. An ING spokesman was not
immediately able to comment.